Contents
WBCHSE Syllabus
COMMERCIAL LAW AND PRELIMINARIES OF AUDITING
CLASS- XI
WBCHSE Syllabus – COMMERCIAL LAW (45 MARKS)
1. Introduction
a) Definition of Law,
b) Meaning of Commercial Law,
c) Sources of Indian Commercial Law
2. Law of Contract
a) Definition and meaning of agreement and contract – Essential elements of a contract.
b) Offer and acceptance – Definition and meaning of offer, offerer, offeree, promise, promisor, promisee; Rules regarding offer – Definition and meaning of acceptance; Rules regarding acceptance – Methods of communication of offer and acceptance. Revocation of an offer and acceptance.
c) Consideration – Definition and meaning of consideration – Types of consideration – Rules regarding consideration – “No consideration No Contract;’; Exceptions to the Rule.
c) Consideration – Definition and meaning of consideration – Types of consideration – Rules regarding consideration – “No consideration No Contract;’; Exceptions to the Rule.
d) Capacity of parties – Definition and meaning of capacity of parties – Definition and meaning of minority, The Law regarding Minor’s Agreement – Definition and meaning of persons of unsound mind, effects of agreements made by persons of unsound mind – meaning of disqualified persons.
e) Free consent – Definition and meaning of free consent – coercion, undue Influence, Misrepresentation, Fraud, Mistake; meaning, Rules regarding these.
3. The-law relating to Sale of Goods
a) Definition of Buyer, Seller; Meaning and definition of Goods, classification of Goods – Existing, Future, Contingent – Sale and Agreement to sell, difference between these two * The essential dements of a contract for the sale of goods – conditions and warranties, Implied condition and Implied Warranties – The Doctrine of Caveat Emptor
b) Transfer of ownership – when does property pass from the seller to the Buyer – Transfer of title by Non-owner.
WBCHSE Syllabus – PRELIMINARIBS OF AUDITING ( 45 Marks)
UNIT – I
Introduction to Auditing:
Definition of Auditing – Evolution of Auditing – Nature of Auditing – objectives of Auditing: Primary and Secondary – Importance of Auditing – Advantages of Auditing – Limitations – Relation and Differences between Accounting and Auditing – An Auditor is not an Accountant – Auditor : Professional and General Qualifications.
UNIT-2
Errors and Frauds and Auditor:
Errors in Accounting – Detection of Errors by Auditor * Frauds: Misappropriation and Manipulation – Detection of Frauds by Auditor – Duties of Auditor in relation to Errors and Frauds.
UNIT – 3
Different Types of Audit:
On the basis of Law: Statutory Audit – Non-statutory Audit – Government Audit. – On the basis of Time: Continuous Audit – Periodical Audit – Interim Audit. – On the basis of scope of work: Complete Audit – Partial Audit. – Interval Audit – Advantages and Limitations of Each Type of Audit – Distinction between: Continuous Audit and Periodical Audit, Statutory Audit and Non-statutory Audit – Interval Audit and Interim Audit.
UNIT – 4
Internal Control System
Definition, Features, Advantages and Limitations of Internal Control System – Internal Checking System: Definition – Objectives – Advantages – Limitations – Distinctions between Internal Control System and Internal Checking System – Relevance of Internal Control System in Auditing
PROJECT
I. Imagine yourself a buyer. Write a report of the steps you should follow in case of breach of contract of Sale of Goods.
II. Visit a big Shopping Mall and prepare a report on its internal control/internal checking system.
COMMERCIAL LAW AND PRELIMINARIBS OF AUDITING
CLASS. XII
WBCHSE Syllabus for 12th – COMMBRCIAL LAW (40 MARKS)
1.The Law of partnership
a) Introduction – Definition of partnership from, essential elements of a partnership – who can be a partner? -Legal status of partnership firms – classification of partnership and partners – Partnership Deed.
b) Registration of Partnership firms – The formalities of registration – Consequences of non-registration
c) Rights and liabilities of partner – Mutual rights and duties u/s 12,13 – The authority of a partner, Express and Implied authority, Limitations of implied authority, Alteration of authority, Authority in an emergency – Liability of partners to outsiders – Rights and duties of partners – Position of minor in partnership firm.
2. The Law relating to Negotiable Instruments
a) Introduction – Concept of Negotiable Instruments, Essential features of Negotiable Instruments, Types of Negotiable Instruments – Promissory Note: definition and essential elements – Bills of Exchange; definition and essential elements – Cheque : Definition, Features, Types – Difference between promissory Note and Bill of Exchange, Difference between bill of exchange and Cheque – Meaning of Holder and Holder in due course, Rights of a Holder in due course.
b) Acceptance, Negotiation, Endorsement – Acceptance: Definition, Types, When acceptance is not necessary; Time and place of presentment for acceptance, – Negotiation: Meaning, Negotiation by delivery, Negotiation by endorsement, Who may negotiate? – Endorsement: Definition, Effect, Types, Rules of endorsement
3. The Law of Insurance
a) principles – Objects of insurance – contract of insurance; characteristics – meaning of the terms insurer, insured, insurance policy, premium, risk, cover note.
b) Life insurance – Definition, difference between life insurance and property insurance, types of life insurance, meaning of surrender value, Nomination, procedures, Effects of suicide.
c) Marine Insurance – Definition, features, types. Fire Insurance – Definition, features, types.
WBCHSE Class XII Syllabus – PRELIMINARIES OF AUDITING (40 MARKS)
UNIT – I
New Branches of Auditing
- Cost Audit : Definition – Objectives – Advantages – Limitations
- Management Audit : Definition – Objectives – Advantages – Limitations
- Performance Audit : Definition – Objectives – Advantages – Limitations
- Social Audit : Definition – objectives – Advantages – Limitations
UNIT – 2
Pre-Audit Procedure
- Preparatory Steps before commencement of new audit
- Audit Programme : Definition – Objectives – Features – Advantages – Limitations
- Audit Memorandum : Definition – General Contents.
- Explanation of the Terms : Audit File – Audit planning – Audit working papers (excluding detailed discussion)
- Routine Checking : Definition – Scope – Objectives – Advantages – Limitations.
- Test Checking : Definition – Factors to be considered – Advantages – Limitations
UNIT – 3
Vouching of Transactions
- Vouching : Definition – Features – objectives – Importance – Important Factors to be considered in vouching.
- Voucher : Definition – classification – Features
- Comparison between Routing checking and vouching.
PROJECT
- Visit an Audit Firm, collect data on the pre-audit procedure and prepare a report.
- Visit two partnership firms, go through their Partnership Deed and write a report.
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